What about idle and unused equipment?

Machinery and tools may be reported as "Idle and Unused" if:

  • They have been discontinued in use continuously for at least one year prior to January 1 of the current tax year.
  • On and after January 1, 2017, have been specifically identified in writing by the taxpayer to the commissioner of the revenue on or before April 1, 2017, that the machinery and tools would be withdrawn from service before January 1, 2018, not in use on January 1, 2018, and no reasonable prospect exists that the machinery and tools will be returned to use prior to January 1, 2019.

Show All Answers

1. How do you determine who is a manufacturer or processor?
2. What assets should be filed as M&T?
3. What about idle and unused equipment?
4. What is the deadline for filing M & T?
5. Is there a penalty for not filing M & T on time?